The Union Bank financing, structured as a direct purchase of bonds together with a new conventional participation loan
issued by the New York State Housing Finance Agency ("HFA"), replaces the original construction facility provided by Citibank in 2013.
o Provision for loan losses resulted in income of USD535,000 in 2015 as compared to provisions of USD284,000 in 2014, due primarily to a recovery of USD543,000 on a commercial participation loan
that was charged off in 2014.
The total project cost is up to US$30 million, including an equity investment of up to US$10 million in Secorse, and a US$20 million (in Mexican Pesos equivalent) income participation loan
from IFC s own account, which shall be used to fund the SPV.
AIDEA's participation loan
will provide long-term financing for one unit in the 10,368-square-foot building being constructed in several phases.
Thomas F Prisby, chairman and CEO of the bank said, 'This was the fourth consecutive quarter of positive earnings, as credit-related costs continue to moderate, and we are making good progress in exiting our purchased participation loan
Earlier this year, Centrix allocated $100,000 toward residential mortgages for MNHS through the Participation Loan
Pool Fund (PLP).
HPD expects to provide a low-interest loan through its Preservation Participation Loan
Program, in conjunction with more conventional financing and Low Income Housing Tax Credits, to fund the rehabilitation of the properties and preserve them as affordable for current and future tenants.
Other programs could apply such as the Low-Income Housing Tax Credits with New York City's Department of Housing Preservation and Development's (HPD) New Construction Participation Loan
Program as well as the Mixed Finance Program through the United States Department of Housing and Urban Development (HUD) which permits public housing to be built with tax credits in private developments, aka the Hope VI Financing.
4m, 15 equipment loans for USD2m, a USD3m participation loan
and three A/R credit lines worth USD16m.
Washington Trust's Commercial Real Estate Group, in a participation loan
with Cambridge Savings Bank, recently provided $9,000,000 to Rosemary Office Associates Limited Partnership for the refinancing of an 86,269 square-foot office building in Needham, Mass.
HPD provided its portion of the financing through the City's Participation Loan
Program, which is administered by HPD.
4 million commercial real estate participation loan
that was placed on non-accrual during 2010.